Just want to understand how much of pre-sales of, say, Rs. 66 million this year are from say projects on existing land bank versus newer land that we acquired?
Yes.
Questions across 32 calls
Kunal Lakhan
CLSA
Sobha Limited
My first question is on our approach so if you look at one of our Bangalore peers had launched a very large project and launched all of the projects at once and also sold substantial in it. When I look at our Neopolis launch you said that 1 ,875 total units, but we lau nched about 825 units and of which 40% sold. So, is it a conscious approach to like launch in a phased manner or like is it the like the demand is quite slow. Just wanted to understand how if you were to launch this entire project together, what kind of demand you could get and also like we should expect the same kind of a calibrated approach in the upcoming launches that you would do?
And also like in terms of like when you said that 2.5 million, 3.5 million square feet to be launched in H2, which also includes some commercial development. I mean again like a follow up on earlier questions only that are we being a little too conservative in terms of bringing in more supply to the market when the demand momentum seems to be pretty strong and where are our peers are capitalizing on it. I understand like your focus is slightly t ilted towards value, but volumes are also equally important to…
DLF Limited
Hey, am I audible?
Just on the guidance side, right, I mean, of Rs. 17,000 crores for next year, I mean, if you exclude the Privana West sales already done, we are talking about an incremental Rs. 11,500 crores coming from, say, the residual new launches worth of Rs. 30,000 crores odd. So, I mean, that's almost like about 35% to 40% of sales from the new launches that you're expecting. Considering most of the projects that we have launched so far in the last couple of years, we have sold out of those projects. So, this 40% of sales or like the incremental launches getting 40 percent sold for the rest of the year, isn't that a little conservative?
Yes. Hi, good evening. Just wanted to understand like since Mumbai is second in line after Gurgaon in terms of launches, what are the specs that we are looking at? What kind of units, what kind of ticket sizes we'll be launching there?
Sure. And any update on Tulsiwadi? I mean Mumbai also has been doing well, especially the luxury bit, right? And that location is like well sought out for. So any update there? And any timeline that we internally hold that to start looking at monetizing that project?
Sir, just on the Phase 5 side, you talked about pricing. We are getting closer to INR100,000 per square feet. When I just look at your Slide 10, like when -- where we are talking about 5 million square feet of luxury valued at about INR12,400 crores, I mean that's like 25,000 square feet. So does this number see a significant upward revision? Because I believe the bulk of this would be Phase 5.
Got it. Got it. And secondly, can you just comment a little bit on the new launches status in terms of like where we are in terms of approvals and time lines, for example, for Sector 76 and also for Phase 5?
Godrej Properties Limited
On the cash flows, right, we have seen spend on the growth this year or rather land, has been higher than our operating cash flow and I understand the OCF will go up as the collections rise, but I am assuming the spend on the land too will increase as you do higher BD for the replenishment. So, in terms of like funding of this growth, are we confident this will come through the internal accruals or would you look at raising capital at any point in time especially equity?
On the restructuring, so on the non-compete right, any restrictions for GPL on signing projects in say locations in central suburbs, which are in and around Vikhroli outside of the land owned by G&B, any restrictions for us?
My first question is on your business development target. We have retained a full year target of INR15,000 crores worth of GDV. But does that mean that in Q4, we would see some high spend towards the land acquisitions?
Sure, sure. And just a related question on that is like if you look at this year, you'll -- if you increase your sales velocity by 50%, you'd be obviously selling more than what you have -- what you'd be acquiring in terms of value, right? So in that sense, how should you look at -- how should one look at the business development goals, FY'25 and beyond, would it be significantly higher than our FY'24 guidance that we have been giving?
Lodha Developers Limited
My first question is on your Slide #6, which is the guidance for FY’25. Now, when we look at the FY’25 guidance of 0.5x debt-to-equity cap, I am just trying to understand this when we are targeting for next year considering our current liquidity of about 3,000-odd crores from the fundraise and the OCF generation expectation of about 6,500 crores for the next year. Firstly, two parts to my question. Where do we see the debt levels in absolute terms by March ‘25? And secondly, how much do we plan to spend on business development in FY’25?
So, 4,000 crores will include both ne w as well as supporting the existing?
So on your pro forma P&L, if you can share the -- I just wanted to understand the 30% is the embedded EBITDA margin. What would be the breakup of the margin for JDA and own projects?
Yes. So my second question was on our collections run rate. If you look at -- if you exclude the U.K. repatriation, our collections to the sales run rate is somewhere around 67% for the 9 months. And if you look at the same run rate in FY '23, it was around 81%. So anything to read there? Or is it on account of higher sales from JDAs?
Lemon Tree Hotels Limited
Sir, I wanted to understand the unit economics of like refurbishing or renovating the hotel in terms of per key cost and what kind of repricing they have had, if you can, illustrate that with maybe an example of hotel that you have achieved something like that?
Correct. Correct. Well understood, sir.
Sun Pharmaceutical Industries Limited
Yes, hi. Thanks. Good evening. Just on the MFN again, I know you said there's no clarity there on how it will be implemented. But just in the event that it does get implemented, what proportion of the US business would be impacted by this? Will it be like the entire US Specialty portfolio or some part of it?
Okay, alright.
Yes, hi. Thanks for taking my question. Can you give some color on the Halol observations and any timeline on the final resolution there?
Okay, but any timeline you have in mind over which you would expect a full resolution on this plant?